FOR IMMEDIATE RELEASE
July 6, 2006

Real estate values climb, volume slows in June

NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for June 2006, shows continuing increases in values and an anticipated decline in volume.

The average sale price across the VIREB region increased to $308,678 at the end of June 2006. That's up 19 per cent from the $258,690 posted 12 months earlier at the end of June 2005.

Unit sales volumes across VIREB, from June 2005 to June 2006, were down 18 per cent (but only one per cent when the 12 month period ending June 2006, was compared to the 12 months ending in June 2005).

VIREB President Darrell Paysen says overall there is an increase in inventory with more properties being placed on the market and in some areas properties are taking a little longer to sell.

"Prices aren't coming down but the market has adjusted," he says. "If homes are priced too high, there have been some price reductions.

"However, homes priced at market value and ready to move-in have been selling quickly within a reasonable length of time," Paysen outlines.

"It's also not uncommon for things to level off a bit in the summer," he says.

Average sale prices across VIREB's six zones, from June 2005 to June 2006: Campbell River increased 19 per cent (to $270,903), the Comox Valley increased 17 per cent (to $302,974), Nanaimo is up 21 per cent (to $338,948), Parksville/Qualicum grew 8 per cent (to $349,690), Port Alberni increased 15 per cent (to $185,690) and Duncan's increased 21 per cent (to $330,201).

VIREB Vice President and Gabriola Island REALTOR Jennifer Lynch says this was a typical June. "Volume declines in each individual zone across VIREB are actually quite marginal and there are even fluctuations within some zones," she says, noting that prices on Gabriola have remained steady while prices have continued to increase in the rest of Nanaimo.

VIREB Director Marty Douglas, in the Comox Valley, says people can make too much out of the annual June slowdown.

"We will see normal levels of activity through September, probably more inventory to choose from, perhaps even a buyers market in the median price range and above," he says. "People still want to live here."

VIREB Director Dan Samson in Campbell River says he believes the market is changing a bit.

"The housing market is more stable now that inventory is going up. Buyers will now have an opportunity to look around a little bit. It's not panic buying, based on fear," he explains.

"I think we've been in a catch up marketplace, and things are now converting to a more normal market."

Paysen echoes that, noting industry analysts and economists have been forecasting a general leveling off by the end of the year.

"As such, housing affordability remains a key industry issue. This is part of the Quality of Life philosophy adopted by REALTORS in BC. VIREB supports growth that encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods," he says.

VIREB represents approximately 1,043 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).

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VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.

REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.


For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212

FOR IMMEDIATE RELEASE
July 18, 2006


REALTORS release annual Buyer Profile

NANAIMO, BC - The Vancouver Island Real Estate Board (VIREB) has released its 2005 Buyer Profile, noting the increasing number of retirees and people moving west from the rest of Canada.

"To prepare the statistical report, we sent over 9,000 mail outs to residential buyers obtained from the MLS database for 2005. We received 2,090 responses back," VIREB President Darrel Paysen says.

"The results showed 11 per cent of buyers originate from Alberta and 8.9 per cent from Ontario. When added together, 46 per cent of buyers originate on Vancouver Island and 70 per cent (running to tal) originate from BC."

The results also show 94 per cent of buyers intending to use their purchase as a principal residence and 39 per cent were buying a retirement home.

"It's good to see what the long term trends are in terms of where people are coming from, what they're buying and why they're buying," Paysen says. "It's useful information for all types of infrastructure planning."

Within the 70 per cent total originating from BC, results indicate 9 per cent of buyers came from Vancouver, 7.2 per cent from Victoria and 4.1 per cent from the Fraser Valley. 10 per cent came from the rest of BC, 4.5 per cent originated from the rest of the world, 3.4 per cent from
Saskatchewan/Manitoba and 2.3 per cent from the rest of Canada.

VIREB represents approximately 1,044 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria). The Buyer Profile is available to all members, and it is provided to relevant organizations such as fellow Boards, economic development groups, chambers of commerce, and municipal, provincial, and federal government representatives.

Paysen says the Buyer Profile also fits perfectly with the principles of building better communities and encouraging economic vitality under the real estate industry's Quality of Life initiative.

"Quality of Life is a philosophy consisting of five principles, adopted by the BC Real Estate Association (BCREA) and VIREB in 2004, " he says, "to demonstrate the commitment of the profession to improve the Quality of Life throughout the province."

Buyer Profile results are provided for the overall Board area and for each of its zones: Duncan, Nanaimo, Port Alberni/West Coast, Parksville/Qualicum, Comox Valley, and Campbell River, as well as the North Island and Islands areas.

Nanaimo VIREB Director Ken Westfall says the Buyer Profile provides REALTORS with information they can use to add value to the experience of property buyers and sellers. "For us REALTORS, it's also helpful to know which marketing tools are working, such as calls from signs and the increasing success of Internet marketing."

The Buyer Profile also showed the home characteristics from the MLS database with the highest frequency. These included the most popular type of purchase (single family home at 58 per cent), with three bedrooms (41 per cent), two bathrooms (45 per cent), double garage (34 per cent), vinyl siding (29 per cent), and with a view of the ocean (44 per cent).

The regional differences are also telling, according to Marty Douglas, a VIREB director in Courtenay. "The Buyer Profile stats for our zone, Comox Valley, show the effect of the Comox Airport since the arrival of WestJet, and the huge increase in out-of-town buyers, from 25 percent to 50 percent of our marketplace."

Douglas continues: "First time buyers are declining in their make-up of the market while long term residents now form the second largest group. 40 percent of buyers were purchasing a retirement home."

VIREB Director Dan Samson in Campbell River noted the large percentage of buyers coming from Ontario.

"We have been watching the flow of retirees from Alberta (now 11 per cent) for a number of years but the 9 per cent from Ontario is a surprise. That really is a long way to move," he says.

Samson is also keenly following the growing percentage of first time buyers in Campbell River. "First time home buyers are typically in their late 20's and are living where there are jobs so it's good to see that segment growing here. It reflects a strong economy."

VIREB REALTORS, in line with the Code of Ethics of the Canadian Real Estate Association (CREA), are committed to keeping informed of local trends in their industry, and the Buyer Profile is one of many resources provided by the Board that enables them to do so.

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REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.


For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212